Number
080960
Version
Substitute 1
Reference
Sponsor
THE CHAIR
Title
Substitute resolution authorizing the Commissioners of the Public Debt to market general obligation promissory notes pursuant to the provisions of Ch. 67, Stats.
Analysis
This resolution authorizes the Commissioners of the Public Debt to issue and sell City of Milwaukee general obligation promissory notes in the amount of $967,148,438
Body
Whereas, General obligation bonds and notes have been authorized in the 2005, 2006, 2007, 2008, and 2009 municipal budgets; and
Whereas, The City has authorized up to $125,000,000 of General Obligation Commercial Paper Promissory Notes, 2008 Program Series C2, Series R3 and Series T4 (Taxable) to be outstanding from time to time (along with other commercial paper that may be, from time to time, authorized by the City to be issued, the “Commercial Paper Notes”); and
Whereas, The City desires to provide permanent long-term financing of the Commercial Paper Notes; now, therefore, be it
Resolved, By the Common Council of the City of Milwaukee, that in accordance with sec. 67.12(12), Stats., the Commissioners of the Public Debt are authorized and requested to issue and sell general obligation promissory notes up to the aggregate amount of $967,148,438 for each of the public purposes and in the amounts shown on Exhibit A, with the debt authorized to be refunded to include currently outstanding commercial paper, and commercial paper as may be issued from time to time; and, be it
Further Resolved, That debt issued for purposes and amounts set forth in Exhibit A apart from this resolution shall not like wise be issued pursuant to this resolution; and, be it
Further Resolved, That the general obligation promissory notes herein authorized shall be sold by the Commissioners of the Public Debt at public or private sale, and/or directly to the Public Debt Amortization Fund, and at such times as the Commissioners shall determine to be prudent and approp...
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